tag:blogger.com,1999:blog-13164186.post114839657796604266..comments2024-01-27T19:26:32.604-05:00Comments on Bubble Meter: OFHEO Report on Fannie MaeDavidhttp://www.blogger.com/profile/11169148764438565562noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-13164186.post-1161049964237069192006-10-16T21:52:00.000-04:002006-10-16T21:52:00.000-04:00testtestAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1148482566634438612006-05-24T10:56:00.000-04:002006-05-24T10:56:00.000-04:00fritz,I actually agree with you. :-)fritz,<BR/><BR/>I actually agree with you. :-)Davidhttps://www.blogger.com/profile/11169148764438565562noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1148479425320822312006-05-24T10:03:00.000-04:002006-05-24T10:03:00.000-04:00What a stupid answer by Anonymous at 8:41 PM above...What a stupid answer by Anonymous at 8:41 PM above. It is absolutely assinine to think that banks are selling foreclosures for $10. In all likelihood, $10 was simply what the government recorder put in as consideration b/c perhaps the deed did not specify the amount.<BR/><BR/>Anyone that thinks you can buy actually inhabitable houses for $10 at foreclosure auctions is in desperate need of a reality check.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1148472238158870552006-05-24T08:03:00.000-04:002006-05-24T08:03:00.000-04:00There may be other costs involved in the purchase ...There may be other costs involved in the purchase that did not show up on the "sale". Also, in some states the deed is recorded as "for $10 and other consideration" so maybe that is why the price is shown as $10.<BR/><BR/>I dunno, but I doubt that the auction will bring much less than what the property is really worth.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1148442112131162142006-05-23T23:41:00.000-04:002006-05-23T23:41:00.000-04:00"On ZipReality.com I saw houses that sold for $10...."On ZipReality.com I saw houses that sold for $10.00 Why would that be?"<BR/><BR/>It probably means that someone who bought a home with an interest-only ARM was not able to make their monthly payments when they were required to start making payments on both the principal and the interest.<BR/><BR/>So the bank likely foreclosed, on the house, evicting the owner. Rather than carry the house for an indeterminent period of time (houses are sitting on the market longer and longer these days), the bank decided to auction the house off to the highest bidder and cut their losses. The highest bidders in these cases were the 10.00 bidders.<BR/><BR/>The lesson here is to be sure to attend foreclosure auctions. Properties can now be found for less than 100 dollars; a trend that is likely to continue for years as the bubble deflates.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1148436681557809892006-05-23T22:11:00.000-04:002006-05-23T22:11:00.000-04:00Hello,On ZipReality.com I saw houses that sold for...Hello,<BR/><BR/>On ZipReality.com I saw houses that sold for $10.00 Why would that be?<BR/><BR/>ThanksAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1148419228679128062006-05-23T17:20:00.000-04:002006-05-23T17:20:00.000-04:00Greed knows no political affiliation. NOVA Fence S...Greed knows no political affiliation. <BR/><BR/>NOVA Fence SitterAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1148419075720326612006-05-23T17:17:00.000-04:002006-05-23T17:17:00.000-04:00Frank Raines, the former Fannie Mae CEO, was close...Frank Raines, the former Fannie Mae CEO, was close buddies with the Clintons. He has a very nice house in upper NW DC.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1148412981871115292006-05-23T15:36:00.000-04:002006-05-23T15:36:00.000-04:00The executives have all left Fannie Mae. They are...The executives have all left Fannie Mae. They are not affiliated with the Bush Administration. Actually they were all very connected with the Clinton Administration.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1148404308577899292006-05-23T13:11:00.000-04:002006-05-23T13:11:00.000-04:00"As we posted this morning, Mortgage giant Fannie ..."As we posted this morning, Mortgage giant Fannie Mae will announce today that it has agreed to pay more than $400 million as part of a settlement with the government to resolve allegations of accounting misdeeds"<BR/><BR/>This raises several questions:<BR/>1. How much of that $400 million will come from the executives wallets? (DUH!)<BR/>2. When increased rates kick in on ARMS whole alot of mortgages will default. How will Fannie Mae fork over $400 million?<BR/>3. Who gets the $400 million and what will they do with this money?<BR/>4. Why doesn't the prosecuters go after the executives?<BR/>5. Are the Fannie Mae executives buddies with George W.<BR/><BR/>"It is encouraging to see the government beggining to reign in the housing industrial complex. However, it is too little, too late. :-("<BR/><BR/>RIGHT ON!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1148401625990314522006-05-23T12:27:00.000-04:002006-05-23T12:27:00.000-04:00Holy cow!Holy cow!Marinitehttps://www.blogger.com/profile/01778945220593425787noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1148399339475608622006-05-23T11:48:00.000-04:002006-05-23T11:48:00.000-04:00"The housing industrial complex"? Paging Mulder an..."The housing industrial complex"? <BR/><BR/>Paging Mulder and Scully!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1148398182353915992006-05-23T11:29:00.000-04:002006-05-23T11:29:00.000-04:00WOW!Glad to hear the gov't is going after these cr...WOW!<BR/><BR/>Glad to hear the gov't is going after these crooks. The unethical corporate culture at Fannie Mae is definitly no surprise. I sometimes wonder if CEOs are doing more harm to the USA than Al-Quida and other terrorist groups. I eagerly wait to see what else OFHEO will uncover from Fannie Mae and other companies involved in this mess.Anonymousnoreply@blogger.com